A high-growth solar-construction company with several locations across the U.S. was experiencing challenges within its accounting and finance function. These challenges had led to accounting errors and uncertainty around monthly expenses, operating capital and cash flow.
Prompted by acquisition conversations, the organization sought an assessment of its accounting and finance operations and the implementation of Generally Accepted Accounting Principles (GAAP). The client needed specialized accounting and finance skills to assist with the initiative.
Vaco engaged a team of finance and accounting experts, including a project lead and senior-level certified public accountant (CPA), an accounts payable (AP) specialist, an accounts receivable (AR) specialist and a payroll consultant. The CPA’s extensive accounting and audit background enabled the team to address immediate cleanup activities and troubleshoot cash flow problems. The project strategy and key activities and results included:
Early in the initiative, the client’s controller, AP/AR accountant and payroll accountant resigned. Under the direction and support of the client’s chief financial officer (CFO), Vaco’s consultant absorbed many accounting responsibilities, including:
Meanwhile, Vaco worked to backfill the controller role and recruit a finance manager.
According to our client, Vaco has had a significant positive influence on the financial well-being of the construction firm. Right from the start, our team of consultants delved into the financials, effectively analyzing extensive data, resolving inconsistent reporting and addressing various other financial challenges.
As a result of Vaco’s work, the CFO now possesses a comprehensive understanding of the underlying causes of the challenges previously encountered. Additionally, Vaco has implemented effective processes, tools and structural changes to address these issues. As a result, the finance team now has a clear plan for ongoing success and improvement.
A highlight of client benefits include:
In addition, Vaco successfully helped the client find a replacement controller and hire a finance manager.
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